Egypt’s E-Commerce Startup Kenzz Raises $3.5 Million Seed Round
Kenzz aims to bridge the gap between traditional offline and online shopping with a model reflecting the daily behaviours and needs of consumers.
Kenzz, an Egypt-based mass e-commerce startup, has raised a $3.5 million Seed funding round led by Outliers Venture Capital, HOF Capital, Foundation Ventures, Samurai Incubate, alongside strategic angel investors.
Founded in 2022 by Ahmed Atef, Mahmoud AlSilk and Moataz Sami, Kenzz offers a mass e-commerce solution that digitises the offline experience for customers in Egypt and the MENA region, giving discounts of up to 65%. The platform does this by sourcing products directly from manufacturers and importers, and offering consumers discounts when they share or buy with friends and family.
"We are delighted to complete this seed fundraise, and we thank all our investors for their support,” Ahmed Atef, Chief Executive Officer of Kenzz, tells StartupScene. “The time is ripe to fully optimise e-commerce in Egypt and MENA. We have designed Kenzz to appeal specifically to people not yet convinced that e-commerce is a practical and mainstream mode of shopping. We are revolutionising the shopping experience to deliver relevancy, convenience, trust and value, and look forward to the future with great confidence.”
Kenzz aims to bridge the gap between traditional offline and online shopping with a model reflecting the daily behaviours and needs of consumers, making it accessible and convenient for them to purchase online.
According to the startup, Kenzz addresses the consumers’ concerns when purchasing online, such as lack of trust, availability of bargains, and no personalisation.
The startup also benefits local manufactures and SMEs by giving them access to data, insights, and potential hard-to-reach end users to grow their business.
The new funding will be used to hire talent, develop products, invest in its technology, and launch an app.